WASHINGTON, March 19 -- The U.S. Department of Agriculture's Agricultural Marketing Service issued the following press release:
The U.S. Department of Agriculture (USDA) entered into a stipulation agreement with Payne County Stockyards LLC, of Perkins, Okla., on Feb. 12. 2024, for alleged violations of the Packers and Stockyards (P&S) Act. Under the terms of the stipulation agreement, Payne waived its right to a hearing and paid a penalty of $3,000.
An investigation by USDA's Agricultural Marketing Service (AMS) revealed that Payne failed to maintain its custodial account properly, resulting in custodial shortages of $64,388 on May 10, 2023, and $162,603 on June 21, 2023. The shortages were due, in part, to the failure to deposit an amoun...